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Bath & Body Works Inc. (BBWI-3.12%) has submitted its 10-K filing for the fiscal year ended February 1, 2025.
The filing reports a decrease in net sales to $7.307 billion from $7.429 billion in the previous year. This decline was attributed to a reduction in direct channel sales and international sales, despite a slight increase in store sales in the U.S. and Canada.
Operating income for the year was $1.266 billion, a slight decrease from $1.285 billion in the previous year. The operating income rate remained flat at 17.3% due to an increase in gross profit rate offset by higher general, administrative, and store operating expenses.
Net income for the year was $798 million, down from $878 million in the previous year. The effective tax rate increased to 22.4% from 13.9% in the previous year, primarily due to a lower tax benefit from valuation allowance releases.
The company repurchased $514 million in principal amount of its outstanding senior notes and $400 million in shares of its common stock during the year.
Bath & Body Works reported cash and cash equivalents of $674 million at the end of the fiscal year, with net cash provided by operating activities amounting to $886 million.
The company plans to invest between $250 million and $270 million in capital expenditures in 2025, focusing on real estate and technology enhancements.
The filing also details various financial agreements, including the company's asset-backed revolving credit facility with aggregate commitments of $750 million.
Bath & Body Works continues to focus on its strategic priorities, including accelerating top-line growth, enhancing operational excellence, and strengthening its financial position.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Bath & Body Works Inc. annual 10-K report dated March 14, 2025. To report an error, please email earnings@qz.com.